NEWS RELEASE
COLORADO DEPARTMENT OF REGULATORY AGENCIES
*************************
The Division of Real Estate continues to receive calls regarding what appears to be timeshare scams targeting Colorado consumers, real estate brokers and out-of-state consumers. In the current version of the scam, timeshare owners are cold-called, mailed or emailed solicitations from an unlicensed business entity purporting to be a full-service property management company, real estate brokerage or title and escrow company that lists and sells timeshares.
Representatives of the company falsely identify themselves to consumers using the names and license numbers of actual Colorado real estate brokers unbeknownst to those brokers. The company claims to be a Colorado company but cites a false physical or virtual office address. When consumers respond to the solicitation, they are directed to forward various up-front transaction fees (often in excess of $5,000) to an out-of-state or out-of-country escrow company. Some consumers have reported losing tens of thousands of dollars.
In response to these fraudulent solicitations, and to further inform and protect consumers, the division has created a Timeshare Resources webpage on its website that provides information and resources concerning:
- How to recognize a timeshare scam
- How to verify the authenticity of a timeshare resale company
- How you are protected in Colorado from timeshare scams
- Important tips to prevent timeshare scams
- What to do if you have been scammed
Consumers who are contacted by a timeshare resale company should first use the division’s online license lookup feature to verify the authenticity of the company and ensure the business license details match the information from the timeshare resale company. The division then recommends contacting the Better Business Bureau and the American Resort Development Association. If you feel that you are the victim of a timeshare scam, contact your local law enforcement agency, the Colorado State Attorney General’s Office and the Federal Bureau of Investigation.
*************************
.jpg;w=120;h=80;mode=crop)
